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April 25, 2018

DFW Homes Sell At One of the Fastest Rates in U.S...

Dallas-Fort Worth homes was one of the fastest-selling home markets in the country last year. And the pace of local home buying is expected to remain rapid this year, according to analysts with Zillow. With an average home sales time of just 55 days, North Texas ranked sixth nationally in 2017 among markets with the shortest selling time. Nationwide it took on average more than 80 days to sell a house in 2017. "As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility," Zillow senior economist Aaron Terrazas said in the report. "This is shaping up to be another competitive home shopping season for buyers, who may have to linger on the market until they find the right home but then sprint across the finish line once they do." While the nationwide inventory of homes for sale has fallen on a year-over-year basis for 37 consecutive months, Zillow said that D-FW home listings are 15 percent higher than a year ago. The typical U.S. buyer spends more than four months searching for a property and makes at least two offers before buying. Last year, 40 percent of homes sold in the D-FW area fetched more than their listing prices, according to Zillow. Nationwide, just 25 percent of houses went for higher than the original asking price.